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10 May 2019 | 07:45

BBA Aviation reaffirms guidance as acquisitions bolster revenues

BBA Aviation reaffirmed its full-year guidance as revenues grew by more than a fifth in the first four months of the year, underpinned by acquisitions. For the period 1 January to 30 April 2019 , revenue rose 23.1%, bolstered by organic growth along with the acquisitions of EPIC, Firstmark and Ontic licences acquired during 2018, the company said.

In its signature division, which included signature FBO, EPIC and TECHNICAir, revenues for the period grew 22.7% and on a like-for-like basis were up 0.4% against a strong comparative in 2018.

In tis ontic division, revenue increased 33.6% and on a like-for-like basis delivered 'strong' organic growth of 14.4% in the first four months of the financial year, with the integration of the Firstmark business 'proceeding well and contributing in line with management's expectations, the company said.

'Ontic continues to have a strong order book and to evaluate an attractive pipeline of future licence opportunities; we remain on track to deliver the $100m EBITDA target by the end of 2021,' it added.

'We are pleased with the initial progress made as we advance our strategic growth initiatives outlined at the Capital Markets Days in both Signature, particularly in non-fuel and in Ontic, where we delivered strong organic growth. The continuing Group is focused on high ROIC and strongly cash generative market-leading businesses and the outlook for the full year remains unchanged,' said Mark Johnstone, BBA Aviation CEO.

Story provided by StockMarketWire.com
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